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Chapter :03 The Individual Entrepreneur

Chapter :03 The Individual Entrepreneur. ENTREPRENEURIAL FEELINGS. 1. Locus of Control. Locus of control refers to the internal-external control dimension of an individual. Managers and entrepreneurs both have more of an internality tendency than the general public.

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Chapter :03 The Individual Entrepreneur

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  1. Chapter :03The Individual Entrepreneur www.AssignmentPoint.com

  2. ENTREPRENEURIAL FEELINGS www.AssignmentPoint.com

  3. 1. Locus of Control Locus of control refers to the internal-external control dimension of an individual. Managers and entrepreneurs both have more of an internality tendency than the general public. www.AssignmentPoint.com

  4. 2. Feelings about Independence and Need for Achievement Entrepreneurs also seem to have a high need for independence and may have a high need for achievement (McClelland 1961). www.AssignmentPoint.com

  5. ENTREPRENEURIAL FEELINGS...cont’d 3. Risk Taking 4. Education5. Personal Values6. Age (22-45)7. Work History8. MOTIVATION www.AssignmentPoint.com

  6. Influencing entrepreneur-Role Models and Support systems www.AssignmentPoint.com

  7. 1. Role Models • parents, relatives, or entrepreneurs in the community. • may serve as mentors. • may help establish a moral support network. • invaluable source of counsel and advice. 2. Moral-Support Network 3. Professional-Support Network www.AssignmentPoint.com

  8. Male versus Female Entrepreneurs www.AssignmentPoint.com

  9. motivated to achieve independence and ‘make things happen.’ Departure point: job dissatisfaction, layoff. Support group: friends, professional acquaintances. Initiates between ages 25-35. More likely to start a business in manufacturing, construction or high tech. motivated to accomplish a goal and achieve independence. Departure point: job frustration, change in personal circumstances. Support group: spouse, family, close friends. Initiates between ages 35-45. More likely to start a service business. EntrepreneursMen Vs. Women Most other dimensions show no differences. (Hisrich & Peters, p. 76) www.AssignmentPoint.com

  10. Entrepreneurs versus Inventors www.AssignmentPoint.com

  11. Entrepreneur Vs. Inventor An inventor creates something for the first time. While the entrepreneur falls in love with the new venture, the inventor falls in love with the invention and often requires the expertise of an entrepreneur to launch a new venture. Historians classify Albert Einstein as an inventive genius and Henry Ford as an entrepreneurial genius. Do you agree or disagree? Why? www.AssignmentPoint.com

  12. Shotgun Sam An entrepreneurial type who quickly identifies new, promising opportunities but rarely, if ever, follows through. Simplicity Sue A type who thinks everything is a lot simpler than it actually is and feels she can create a successful business through easy solutions. Prima Donna Paul A type so in love with his own idea the he feels everyone is out to steal his idea and take advantage of him. Ralph the Rookie This type is well grounded in theory but lacks real-world business experience. Warning: Difficult personality types. www.AssignmentPoint.com

  13. Meticulous Mary A perfectionist type who is so used to having things under control that she cannot handle catastrophe, ambiguity and/or chaos. Underdog Ed This type is not comfortable with actually transforming the invention into a tangible business success. Attends seminars. Hidden Agenda Harry This type does not have the right motives and objectives for developing and expediting a new enterprise. Inventor Irving An inventor more than an entrepreneur, Irving is more concerned with the invention itself rather than creating and expediting a business. Difficult personality types (continued) www.AssignmentPoint.com

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